April 23, 2020 / 5:23 AM / a month ago

BRIEF-Saipem Q1 Adjusted EBITDA At EUR 240 Mln

April 23 (Reuters) - Saipem SpA:

* Q1 FINANCIAL RESULTS WITH €2.2 BILLION REVENUES AND 11% ADJUSTED EBITDA MARGIN

* NET DEBT PRE IFRS16 AT END-MARCH AMOUNTED TO €632 MILLION EURO, IN LINE WITH EXPECTATIONS

* CAPITAL EXPENDITURE HAS BEEN REPHASED WITH REDUCTION OF 20-25% COMPARED TO PREVIOUS 2020 GUIDANCE

* Q1 ADJUSTED NET PROFIT: LOSS OF €9 MILLION

* CONTINUING HIGHLY UNSTABLE ENVIRONMENT DOESN’T ALLOW TO ELABORATE NEW GUIDANCE

* DRAMATIC AND WIDESPREAD DROP IN DEMAND FOR SERVICES DUE TO COVID-19

* DROP IN DEMAND FOR SERVICES IS LEADING TO REVISION OF FUTURE INVESTMENT PLANS, ALSO BY SAIPEM’S CLIENTS

* Q1 NET PROFIT WAS IMPACTED BY WRITE-DOWNS OF TANGIBLE ASSETS IN OFFSHORE DRILLING DIVISION

* BOARD RESOLVED ON ONE-YEAR RENEWAL OF EURO MEDIUM TERM NOTE PROGRAMME FOR UP TO €2,000 MILLION

* EURO MEDIUM TERM NOTE PROGRAMME WAS SUBSEQUENTLY INCREASED TO UP TO €3,000 MILLION Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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